Economics Definitions Quiz
Authored by Janet Davis
Business
12th Grade
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100 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does abatement technology refer to?
A technology that increases production efficiency.
A production technology that reduces or prevents pollution.
A method to enhance the use of natural resources.
A system to manage waste after production.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who has an absolute advantage in production?
A person who can produce more with fewer resources.
A person who can produce more than another person.
A person who can produce at the lowest cost.
A person who has the most advanced technology.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is after-tax income?
Total income before tax payments by households to governments.
Total income including tax payments by households to governments.
Total income minus tax payments by households to governments.
Total income minus tax refunds from governments to households.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is allocative efficiency?
Producing goods at the highest possible cost for maximum benefit.
Producing goods without considering the cost or benefit.
Producing goods at the lowest possible cost without sacrificing quality.
Producing goods at the lowest possible cost and in quantities that provide the greatest possible benefit.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of anti-combine law?
To regulate monopolies and prevent them from splitting into smaller companies.
To encourage the formation of monopolies and oligopolies.
To regulate oligopolies and prevent them from becoming monopolies or behaving like monopolies.
To dissolve all forms of business combinations.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the average cost pricing rule entail?
Setting the price below average total cost to maximize profit.
Setting the price above average total cost to cover unexpected expenses.
Setting the price equal to average total cost, including normal profit.
Ignoring the average cost when setting the price of a product.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is average fixed cost?
Variable cost per unit of output.
Total cost per unit of output.
Total fixed cost per unit of output.
Average variable cost per unit of output.
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